The AG's Authority in Missouri
Missouri Attorney General Andrew Bailey and the Missouri Securities Division have authority under the Missouri Securities Act of 2003 (RSMo §409.1-101 et seq.) to investigate market maker conflicts.
The Harm to Missouri Investors
Missouri retail investors in St. Louis and Kansas City financial centers face the same PFOF-driven conflicts as national investors, with limited state regulatory enforcement.
Andrew Bailey has an estimated 1.1 million Missouri retail investors as potential complainants. This is not an abstract regulatory question — it is a matter of whether Missouri's chief law enforcement officer will protect the financial interests of Missouri residents when federal regulators have failed to act.
The Griffin Political Context
Missouri Attorney General Andrew Bailey should be aware of the documented political investment Kenneth Griffin has made in Missouri. Griffin has given contributions to Missouri political figures and national Republican organizations to former Governor Eric Greitens and the Republican Governors Association. This political context does not determine what the AG should do — but it is relevant to understanding why federal and state regulators have been slow to act, and why an independent state investigation would be meaningful.
What the AG Should Investigate
- Whether PFOF arrangements between major discount brokers and Citadel Securities violate Missouri consumer protection law by creating undisclosed conflicts of interest
- Whether Missouri broker-dealers are meeting best execution obligations under state securities law
- Whether Citadel Securities' disclosures to Missouri retail investors adequately describe the PFOF relationship
- Whether a multistate investigation coordinated through NASAA would be appropriate
Contact Andrew Bailey
Missouri residents can contact the Attorney General's office at https://ago.mo.gov to request investigation of PFOF-related broker-dealer practices affecting Missouri investors.